NEGOTIATIONS
FOCUS
PROCESS
KEY STEPS
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Review of the financial mechanism
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Introduction
The Conference of Parties (COP), at is fourth session, decided to review the financial mechanism
of the Convention every four years in accordance with Article 11.4 of the Convention. The annex to
 decision
3/CP.4 (153 kB) containing the guidelines states that the objective of the review of the
financial mechanism is to take appropriate measures regarding:
(a) Its conformity with the provisions of Article 11 of the Convention;
(b) Its conformity with the guidance of the COP;
(c) The effectiveness of the activities it funds in implementing the Convention;
(d) Its effectiveness in providing financial resources on a grant or concessional basis, including
for the transfer of technology, for the implementation of the Convention's objective on the basis
of the guidance provided by the COP; and
(e) Its effectiveness in providing resources to developing country Parties under Article 4.3 of the
Convention.
Four reviews of the financial mechanism of the Convention have been conducted in the past, with the
most recent review completed at COP 16.
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Recent Developments
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At its 18th session, the COP decided to initiate the fifth review of the financial mechanism, in
accordance with the criteria contained in the guidelines as identified in decisions
3/CP.4 (153 kB) and 6/CP.13, as
well as further guidelines that may be developed.
Furthermore, the COP requested the Standing
Committee to further amend the guidelines for the review of the financial mechanism. Additionally,
it was requested to provide draft updated guidelines for consideration and adoption by the COP 19, with
a view to finalizing the fifth review of the financial mechanism for consideration by COP 20.
In developing these guidelines, the Standing Committee is to take into account existing guidelines and
recent developments within the financial mechanism of the Convention, and to draw upon information
from, inter alia, fast-start
finance, the work of the Green
Climate Fund, taking into account its early stage of operationalization, the initial
review of the Adaptation Fund and the work
programme on long-term finance.
Furthermore, the Standing Committee was requested to provide periodic updates on the status of its work
to the Subsidiary Body for Implementation for its consideration, beginning at its thirty-eighth
session.
Parties were invited to submit to the secretariat by 1 March 2013 for consideration by the Standing
Committee their views and recommendations on elements in the development of the further guidelines for
the fifth review of the financial mechanism.
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Updated 5 March 2013
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